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Japan's return to gold: Turning points in the value of the yen during the 1920s

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  • Grossman, Richard S.
  • Imai, Masami

Abstract

We identify turning points in the value of the yen during the 1920s to determine which factors were perceived by market participants as affecting Japan's probability of returning to the gold standard. The 1920s were marked by military expansionism, political turmoil, and other dramatic political and institutional events. We conclude that changes of power between the Kenseikai and Seiyukai parties and worsening diplomatic relations with China were primarily responsible for turning points in the value of the yen. The democracy movement and the associated expansion of suffrage seem not to have been viewed as important by contemporaries.

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  • Grossman, Richard S. & Imai, Masami, 2009. "Japan's return to gold: Turning points in the value of the yen during the 1920s," Explorations in Economic History, Elsevier, vol. 46(3), pages 314-323, July.
    • Handle: RePEc:eee:exehis:v:46:y:2009:i:3:p:314-323
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    2. Masami Imai & Tetsuji Okazaki & Michiru Sawada, 2022. "The effects of lender of last resort on financial intermediation during the great depression in Japan [Ginko Hatan gaoyobosu Densenkoka no Bunseki (The analyses of the effect of contagion caused by," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 448-478.
    3. Jean-Pascal Bassino & Thomas Lagoarde-Segot, 2013. "Trading patterns at the Tokyo Stock Exchange, 1931-1940," CEH Discussion Papers 012, Centre for Economic History, Research School of Economics, Australian National University.
    4. Thomas Lagoarde-Segot & Jean Pascal Bassino, 2012. "Informational dynamics and cross market linkages in the Tokyo Stock Exchange, 1931-40," Working Papers 12017, Economic History Society.
    5. Olga Christodoulaki & Haeran Cho & Piotr Fryzlewicz, 2011. "A Reflection of History: Fluctuations in Greek Sovereign Risk between 1914 and 1929," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 50, Hellenic Observatory, LSE.
    6. Christodoulaki, Olga & Cho, Haeran & Fryzlewicz, Piotr, 2011. "A reflection of history: fluctuations in Greek sovereign risk between 1914 and 1929," LSE Research Online Documents on Economics 38378, London School of Economics and Political Science, LSE Library.

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